JAKARTA - The President of Belarus, Alexander Lukashenko, has signed a decree confirming the country's formal support for the free circulation of cryptocurrencies such as Bitcoin (BTC) in his country.
Monday, February 14, Lukashenko's press office announced that the president has signed a decree named “On the list of addresses of virtual wallets and circulation of cryptocurrencies.”
The document provides the legal basis for the Belarus Hi-Tech Park to create and maintain a register of crypto wallet addresses used in illegal activities. The decree document specifically details the process and standards for confiscating cryptocurrencies from criminals by the government.
The decision intends to protect crypto investors from potential losses and to “prevent unintentional involvement in activities prohibited by law.”
The announcement shows that Belarus has taken a friendly attitude towards cryptocurrencies.
“Belarus has consistently developed a legal field to regulate activities related to digital assets, and, unlike many other states, allows the free circulation of digital currency,” said a source at the Belarusian presidency as quoted by Cointelegraph.
According to the document, the Belarusian Council of Ministers is required to take appropriate steps to enforce the decision within three months of its issuance.
Lukashenko's latest move in the Belarusian crypto regulatory ecosystem reaffirms the country's commitment to supporting the development of cryptocurrencies, including crypto mining and trading.
In September 2021, Lukashenko asked the government to mine crypto using a backup power infrastructure. Previously, Belarus' largest financial institution, Belarusbank, reportedly launched a crypto exchange service.
While Belarus appears to have been moving towards cryptocurrency adoption, some of its major economic and political partners are lagging behind in crypto regulation.
Russia, which adopted the law “On Digital Financial Assets” in January 2021, maintains regulatory uncertainty as its various financial regulators continue to disagree on how to regulate crypto in the country. Although the Russian government officially approved the concept of crypto regulation last week, the Bank of Russia continues to oppose crypto adoption in the country.
According to local reports, Russia's central bank is once again preparing an initiative to ban crypto circulation in Russia on Tuesday, February 15.
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